Allegations link South Korea’s top newspaper, Chosun Ilbo, to fraudulent token scheme.
Victims Accuse Chosun Ilbo of Promoting Crypto Fraud
Victims of the KOK token scam have accused South Korea’s prominent newspaper, Chosun Ilbo, of promoting a fraudulent cryptocurrency scheme. The scam, which caused nearly $3 billion in losses, allegedly gained legitimacy through media coverage from its subsidiaries. Legal actions are now underway, as victims seek accountability and an investigation into the paper’s role in supporting the scam.
Chosun Ilbo’s Involvement in the KOK Scam
The victims allege that Chosun Ilbo contributed to the scam’s credibility.
According to reports, Chosun Ilbo subsidiaries promoted the fraudulent KOK token scheme through various endorsements. These actions allegedly misled many investors into trusting the project.
KOK Token’s Award from Chosun Ilbo
Chosun Ilbo reportedly awarded KOK for consumer satisfaction, adding legitimacy to the scheme.
The coalition of victims claims that Chosun’s subsidiaries granted KOK a grand prize for consumer satisfaction. This award and the media coverage gave the impression of reliability, drawing more investors into the scam.
Investigation into Chosun’s Role
Lawyers call for a thorough investigation into Chosun’s involvement in the scam.
Attorney Lee Min-suk, representing the victims, has called for an official investigation into Chosun’s role in the fraud. The timing of their endorsements and awards suggests their involvement may have protected the scheme’s operators from early scrutiny.
Fugitive Promoter Still Free
One key promoter of the scam remains at large in the United States.
A major promoter of the KOK token scam, identified as Mr. Han, remains free in the U.S., despite being wanted in South Korea. His eventual extradition is being pursued as part of the ongoing investigation.
Consequences for Chosun Ilbo if Proven Guilty
If found responsible, the newspaper could face serious legal consequences. The victims are seeking justice and compensation for their financial losses. If the investigation reveals that Chosun knowingly supported the scam, it could face significant legal repercussions.
Future Developments in the Investigation
The investigation is ongoing, with victims hopeful for answers. Authorities are continuing to examine the role the newspaper played in the KOK token scam. The victims and their legal representatives remain hopeful that justice will be served
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